5 Simple actions to better understand construction markets

The construction industry is a complex one with many factors influencing decision making. Whatever your role you need to be familiar with these and their implications if you are to be effective. Here are 5 actions you can take to understand construction markets.

Know how the industry works

To understand why things happen the way they do, you need an industry overview, understand some of the history of how the industry got to where it is today, the different sectors, the influence of government and the role of legislation.

Monitor the Forecasts

Forecasts published by organisations like the CPA and Experion indicate how the different market sectors are trending. You can also get good market information from Glenigan and Barbour ABI who both publish analysis of the new projects underway, providing a fact based view of the next year or so.

Understand key issues of importance

Decisions are based not just on a Client’s needs for a building, but often there are other influences. In recent years there has been a lot of encouragement to adopt sustainable construction. The Building regulations are another important influencer often driving new product developments. Know these influences and how they affect your product or service.

Know the decision making unit

Decisions about construction are rarely made in isolation, with a string of influencers; Architect, Engineer, Quantity Surveyor, Main Contractor, Specialist Contractor to name a few. The introduction of BIM is encouraging greater collaboration and also making it easier. You need to understand these roles, how they work together and how they can influence decisions of importance to your business. There are numerous research reports which can help you, or consider commissioning your own research.